Listener Q&A with Mike Jesowshek CPA

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How can business owners minimize taxes and maximize growth? In this episode of the Small Business Tax Savings Podcast, Mike dives into strategies to help business owners minimize taxes and maximize growth. He discusses the advantages of hiring family members and avoiding FICA taxes by staying below the standard deduction rate.

Mike covers topics such as setting up an LLC or DBA, using cloud-based bookkeeping software, converting 1099 contractors into W2 employees, taking advantage of retirement plan options like solo 401K or 401K plans, and more.

Tune in now and listen as Mike answers listener questions such as queries from how to structure a short-term rental business to setting up Simple IRA accounts while becoming an S-Corp!

[00:24] Listener Questions And Answers With Mike Jesowshek, CPA

• Today’s topic is, “Listener Questions and Answers”
• From topics such as home deductions and the tax implications of purchasing a separate property for business and primary residence      

[03:58] Save On Taxes With Your Vacation Rental Cleaning Business

• Paying children under 18 for services rendered does not require FICA or federal unemployment taxes
• Startup costs and equipment can be written off as a tax write off
• Moving money into a simple IRA can avoid tax liability for the year
• Solo 401K gives more options than a regular 401K

[13:54] Maximize Your Retirement Savings With Solo 401K And Simple IRA Options

• Becoming an S Corp, your salary would determine how much you can contribute to retirement
• Payroll taxes are automatically withheld, but not for remaining distributions or profits
• Good bookkeeping: separate business bank account and credit card
• Stay up to date on bookkeeping and do it consistently to get a good idea of how your business if performing

[33:31] Closing Segment

• Mike shares his expertise and experience on how to minimize taxes and maximize growth!
• Final Words

Key Quotes

“If you want to separate businesses for liability purposes, our favorite setup is to have one main company. That's an LLC tax and S corporation. And then any of those different businesses would be separate LLCs that are 100% owned by that S corporation. So that all these businesses that you own are flowing through that one S corporation.” – Mike Jesowshek, CPA

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Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast

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